Michael Croce, Executive Vice President at Stock Yards Bancorp, Inc. (NASDAQ:SYBT), recently sold 1,797 shares of the company's common stock. The shares were sold at an average price of $72.78, amounting to a total value of $130,785. Following this transaction, Croce holds 25,920 shares directly. This sale was disclosed in a filing with the Securities and Exchange Commission.
In other recent news, financial services firms Piper Sandler and Stephens have adjusted their stock price targets for SY Bancorp. Piper Sandler raised its target to $69.00, maintaining a Neutral rating, while Stephens increased its target to $70 and maintained an Overweight rating. These adjustments were based on SY Bancorp's strong third-quarter performance and positive outlook for the upcoming year. The firms anticipate mid-single-digit organic balance sheet growth and net interest margin expansion for SY Bancorp.
Furthermore, Piper Sandler has revised its earnings per share estimates for SY Bancorp for the fourth quarter of 2024 and full year 2025, raising them to $1.01 and $4.05, respectively. This adjustment reflects expectations of higher net interest income, net interest margin, and balance sheet growth. The firm also introduced a 2026 earnings per share estimate of $4.25.
In addition to these developments, SY Bancorp has increased its quarterly cash dividend to $0.31 per share, demonstrating its commitment to shareholder value. This decision was supported by the company's consistent profitability and solid capital position. The company's wealth management division, managing approximately $7.2 billion in assets, was highlighted as a key revenue contributor. These are some of the recent developments that have taken place at SY Bancorp.
InvestingPro Insights
While Michael Croce's recent stock sale might raise eyebrows, a closer look at Stock Yards Bancorp's performance reveals a company on solid footing. According to InvestingPro data, SYBT's stock has shown remarkable strength, with a 42.67% price total return over the past three months and an impressive 82.15% return over the last year. This robust performance has pushed the stock to trade near its 52-week high, with the current price at 98.25% of that peak.
InvestingPro Tips highlight that Stock Yards Bancorp has raised its dividend for 14 consecutive years, demonstrating a commitment to shareholder returns. This is further underscored by the company's 1.61% dividend yield and a 3.33% dividend growth rate over the last twelve months. Such consistent dividend increases often signal management's confidence in the company's financial health and future prospects.
The bank's financial metrics also paint a picture of stability and profitability. With a P/E ratio of 20.93 and an operating income margin of 43.5% for the last twelve months as of Q3 2024, SYBT appears to be efficiently converting revenue into profit. The company's revenue growth, while modest at 1.02% over the same period, shows continued expansion in a challenging banking environment.
For investors seeking more comprehensive analysis, InvestingPro offers 13 additional tips on Stock Yards Bancorp, providing deeper insights into the company's financial health and market position.
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